MIRA
INFORM REPORT
|
Report Date : |
01.04.2011 |
Note: The Given address could not be confirmed
IDENTIFICATION DETAILS
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Name : |
VARRSANA ISPAT LIMITED (w.e.f
25.07.2005) |
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Formerly Known As : |
EUREKA RAPID COMMUNICATION LIMITED |
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Registered Office : |
Everest House, 46-C, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.03.2000 |
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Com. Reg. No.: |
21-124804 |
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CIN No.: [Company
Identification No.] |
U99999WB2000PLC124804 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALV02125E |
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PAN No.: [Permanent
Account No.] |
AACCV1058N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of Strong and Powerful |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
The management non cooperative
LOCATIONS
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Registered Office : |
Everest House, 46-C, |
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Tel. No.: |
91-33-30925061/ 30925062 |
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Fax No.: |
91-33-22882241 |
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E-Mail : |
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Website : |
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Corporate Office : |
58A/1, Sainik Farm, |
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Tel No.: |
91-11-32906030 |
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Fax No.: |
91-11-29552403 |
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Email : |
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Factory : |
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Tel. No.: |
91-2836-249976/ 396866 |
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Fax No.: |
91-2836-299975 |
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E-Mail : |
DIRECTORS
As On 25.09.2010
|
Name : |
Mr. Manoj Mishra |
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Designation : |
Director |
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Address : |
A-166, |
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Date of Birth/Age : |
05.08.1972 |
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Date of Appointment : |
26.07.2005 |
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DIN No. : |
00386578 |
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Name : |
Mr. Mahesh Kumar Sureka |
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Designation : |
Director |
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Address : |
R-23, Khirki Extention, 3rd Floor, |
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Date of Birth/Age : |
15.07.1965 |
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Date of Appointment : |
26.07.2005 |
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DIN No. : |
00386727 |
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Name : |
Mr. Asoke Kumar Chatterjee |
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Designation : |
Director |
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Address : |
C/D-135, |
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Date of Birth/Age : |
01.02.1927 |
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Date of Appointment : |
27.10.2005 |
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DIN No. : |
00266151 |
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Name : |
Mr. Piyush Asija |
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Designation : |
Director |
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Address : |
2709, 1st floor, Dr. Mukharhee Nagar, |
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Date of Birth/Age : |
17.12.1984 |
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Date of Appointment : |
26.03.2008 |
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Date of Ceasing : |
26.10.2009 |
KEY EXECUTIVES
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Name : |
Mr. Jaswant Singh |
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Designation : |
Company Secretary |
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Address : |
RZ 1123/D, Gali No 14/6 Sadh, |
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Date of Birth/Age : |
02.07.1981 |
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Date of Appointment : |
26.10.2009 |
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Pan No.: |
BLBPS7186N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 25.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sanjay Jhunjhunwala |
|
10 |
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Sandip Jhunjhunwala |
|
60040 |
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Sandip Jhunjhunwala (HUF) |
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35000 |
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Suruchi Jhunjhunwala |
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10 |
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Manoj Mishra |
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10 |
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Biju C. Varghese |
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10000 |
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REI Agro Limited |
|
5160500 |
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Mahavir Tie Up Private Limited |
|
4450611 |
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Ramdhan Mercandise Private Limited |
|
4947443 |
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Penguin Agro Products Private Limited |
|
2966400 |
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Subhchintak VanCom Private Limited |
|
390000 |
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Aspective Vanijya Private Limited |
|
290000 |
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REI Steel and Timber Private Limited |
|
287000 |
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Jagdhatri Tracom Private Limited |
|
230000 |
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Sneh Pushpa Barter Private Limited |
|
60000 |
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Octal Suppliers Private Limited |
|
17000 |
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Quick Connect Dot Com Limited |
|
5000 |
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Arihant Dealer Private Limited |
|
100 |
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Total |
|
18909124 |
As on 06.12.2010
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List of Allottees |
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No. of Shares |
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REi Agro Limited |
|
777777 |
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Mahavir Tie UP Private Limited |
|
666666 |
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Ramdhan Merchandise Private Limited |
|
977777 |
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Penguin Agro Products Private Limited |
|
576889 |
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Total |
|
2999109 |
As On 25.09.2010
|
Category |
Percentage |
|
Bodies corporate |
99.44 |
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Other top fifty shareholders |
0.56 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Strong and Powerful |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Unit |
Installed
Capacity |
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Steel Melt Shop |
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Metric tons per
annum |
216000 |
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Rolling Mill |
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Metric tons per
annum |
480000 |
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Sponge Iron |
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Metric tons per
annum |
96000 |
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Tower Plant |
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Metric tons per
annum |
14400 |
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Power Plant |
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36 MW |
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* De-licensed as per Government of |
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GENERAL INFORMATION
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No. of Employees : |
Information not divulged by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
T R Chadha and Company Chartered Accountant |
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Address : |
1, Smruti Ground Floor, M. V. Panlosakar Road, Near Hanuman Cross Road
No. 2, Mumbai – 400057, Maharashtra, India |
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Pan No.: |
AAAFT1655Q |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
18909124 |
Equity Shares |
Rs.10/- each |
Rs.189.091 Millions |
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After 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
21908233 |
Equity Shares |
Rs.10/- each |
Rs.219.082 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (9
Months) |
30.06.2009 (15
Months) |
31.03.2008 |
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SHAREHOLDERS FUNDS |
|
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|
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1] Share Capital |
189.091 |
179.536 |
171.536 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2317.365 |
1834.335 |
1414.872 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2506.456 |
2013.871 |
1586.408 |
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LOAN FUNDS |
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1] Secured Loans |
3227.896 |
2896.559 |
2102.516 |
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2] Unsecured Loans |
1062.100 |
800.000 |
240.000 |
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TOTAL BORROWING |
4289.996 |
3696.559 |
2342.516 |
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DEFERRED TAX LIABILITIES |
0.000 |
34.449 |
13.392 |
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TOTAL |
6796.452 |
5744.879 |
3942.316 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4368.949 |
4361.101 |
2489.806 |
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Capital work-in-progress |
405.232 |
62.473 |
840.931 |
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INVESTMENT |
35.375 |
35.375 |
35.375 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
1033.864
|
926.862 |
914.842
|
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Sundry Debtors |
1298.649
|
870.762 |
223.557
|
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Cash & Bank Balances |
280.270
|
200.171 |
73.905
|
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
793.837
|
691.389 |
294.218
|
|
Total
Current Assets |
3406.620
|
2689.184 |
1506.522 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
1323.348
|
1384.111 |
924.003
|
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000
|
|
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Provisions |
96.376
|
19.143 |
6.315
|
|
Total
Current Liabilities |
1419.724
|
1403.254 |
930.318
|
|
|
Net Current Assets |
1986.896
|
1285.930 |
576.204
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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|
|
|
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TOTAL |
6796.452 |
5744.879 |
3942.316 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (9 Months) |
30.06.2009 (15
Months) |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
5058.634 |
4906.011 |
2868.780 |
|
|
|
Other Income |
0.963 |
280.107 |
1.521 |
|
|
|
TOTAL (A) |
5059.597 |
5186.118 |
2870.301 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed / cost of goods traded |
4032.716 |
3756.652 |
1987.919 |
|
|
|
Stores and spares consumed |
76.280 |
50.525 |
81.050 |
|
|
|
Manufacturing expenses |
151.031 |
614.458 |
531.853 |
|
|
|
Employees emoluments |
76.675 |
93.414 |
54.736 |
|
|
|
Selling and administrative expenses |
77.728 |
87.119 |
70.788 |
|
|
|
Increase / Decrease in finished products |
83.608 |
(35.245) |
(188.549) |
|
|
|
TOTAL (B) |
4498.038 |
4566.923 |
2537.797 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
561.559 |
619.195 |
332.504 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
297.416 |
364.218 |
212.095 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
264.143 |
254.977 |
120.409 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
159.077 |
154.436 |
91.765 |
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|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
105.066 |
100.541 |
28.644 |
|
|
|
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|
|
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Less |
TAX (I) |
42.480 |
33.078 |
11.677 |
|
|
|
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|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
62.586 |
67.463 |
16.967 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
101.840 |
34.377 |
17.410 |
|
|
|
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|
|
|
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|
BALANCE CARRIED
TO THE B/S |
164.426 |
101.840 |
34.377 |
|
|
|
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|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
863.641 |
867.185 |
NA |
|
|
|
Capital Goods |
1.830 |
1.481 |
NA |
|
|
TOTAL IMPORTS |
865.471 |
868.666 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.49 |
3.90 |
1.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (9 Months) |
30.06.2009 (15
Months) |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.24
|
1.30 |
0.59
|
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.08
|
2.05 |
0.99
|
|
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.35
|
1.43 |
0.71
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.05 |
0.01
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.28
|
2.53 |
2.06
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
1.92 |
1.61
|
LOCAL AGENCY FURTHER INFORMATION
The details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 (9 Months) |
30.06.2009 (15
Months) |
31.03.2008 |
|
Sundry Creditors
|
|
|
|
|
- For Goods Supplied |
109.746 |
357.763 |
96.539 |
|
- For Capital Expenditure |
71.842 |
46.878 |
271.684 |
|
- For Expenses and Others |
168.973 |
183.001 |
119.097 |
|
- For LC Acceptance |
972.787 |
796.469 |
436.683 |
|
Total |
1323.348 |
1384.111 |
924.003 |
FINANCIAL PERFORMANCE
During the Nine Months
period, from 01.07.2009 to 31.03.2010, the Company has made significant
progress. During the period from 01.07.2009 to 31.03.2010 the company has
achieved Sales of Rs. 5058.633 millions as against Rs 4906.011 millions in the
previous year. The profit after tax for the 9 Months Period is Rs. 62.586
millions against Rs. 67.463 millions during the previous year.
FUTURE OUTLOOK AND
OPPRTUNITIES
There has been a sharp rise in demand for steel particularly TMT Bars, structural steel as well as transmission and telecommunication towers due to rise in the construction, power, telecommunication and other infrastructure sectors. Company has the facilities to manufacture TMT bars, structure steel, transmission and telecommunication towers. The Company has also plans to augment capacities in its existing units to tap the future opportunities lying in steel sector.
Form 8:
|
Corporate
identity number of the company |
U99999WB2000PLC124804 |
||||||
|
Name of the
company |
VARRSANA ISPAT
LIMITED |
||||||
|
Address of the registered
office or of the principal place of
business in |
Everest House ,
46-C, |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book Debts Movable Property Floating Charge Chare on block
assets and other current asset |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
F 110A (Letter of
Hypothecation). F 107A (Letter of
Hypothecation for Book Debts). F 110E (Letter of
Hypothecation for securing Machineries/ Vehicles/ Goods/ Book Debts). F 286E (General
Counter Guarantee). |
||||||
|
Date of
instrument Creating the charge |
16.11.2010 |
||||||
|
Amount secured by
the charge |
Rs. 2497.500
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- Cash Credit : Base Rate + 2.50% i.e. 11.00% (presently) at monthly rests.. LC : 50% of the
appl. Commission as per Card rates. Term Loans : BPLR
- 1.75% p.a. i.e. 11.00% (presently) at monthly rests. Terms of
Repayment - Cash Credit : On demand. The Term Loans
will run off as per existing schedule. Margin - Cash
Credit : 25%. LC : 10% by way
of deposit. TL I : 28.74%. TL II : 29.43% on
Sponge Iron, 26.4% on Machinery & 33% on Deposit to GSEB. TL III : 27%. Extent and
Operation of the charge - The Charge extends on the entire Current Assets
& Fixed Assets including immovable properties of the company and operates
till the facilities mentioned herein are satisfied in full. |
||||||
|
Particulars of
the property charged |
Prime Security : 1st charge on
entire Block Assets of the company, both present and future, on pari passu
basis for term loans. 1st pari passu
charge on the entire current assets of the unit for cash credit and LC limit. Collateral
Security : 2nd charge on
Current Assets on pari passu basis for term loans. 2nd pari passu
charge on the block assets of the unit for cash credit and LC limit. |
||||||
|
Date of
instrument modifying the charge |
01.12.2008 |
||||||
|
Particulars of
the present modification |
By this deed of
modification the overall limit stands modified and enhanced from Rs. 2247.500
millions to Rs. 2497.500 millions with details as hereinbelow :- Term Loans : Rs.
867.500 millions (remains same at Rs. 867.500 millions). Cash Credit : Rs.
380.000 millions (remains same at Rs. 380.000 million). LC : Rs. 1250.000 millions
(enhanced from Rs.1000.000 million). Overall limit :
Rs. 2497.500 millions (enhanced from Rs. 2247.500 millions) |
Fixed Assets:
- Land
- Other
Building
- Computer
- Plant and
machinery
- Office
equipment
- Furniture and
fixtures
- Telephone and
telex
- Motor car
- Moulds and
dyes
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.